Ransomware & Municipalities – Update: Another major municipality is suffering from a crippling ransomware attack, although Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage) will help in this case.
An invitation to join a board, whether a private company, a public company or a non-profit, can be flattering and the service can be rewarding. However, a board position brings associated duties and risks, so it will be beneficial to know what you are getting into and why you might want to join. An important step, recommended by experts, is to exercise due diligence on the organization prior to accepting and of course ensure there is comprehensive D&O, or Directors & Officers Insurance, in place.
Ransomware has become the most common form of cyber attack, and municipalities are being hit hard. Downtime is disruptive and expensive, and the cost to recover can be significant for municipalities. Many do not have comprehensive Cyber Risk Insurance, an essential protection.
Ransomware has become the most common form of cyber attack as it has morphed into a more effective, more targeted and significantly more destructive form of malware. Even organizations with little or no personal, health or confidential information are prime targets, although many SMBs do not buy Cyber Risk Insurance.
SMB leaders are aware of cyber risks but do not think that they will be impacted and therefore do not buy comprehensive Cyber Risk Insurance. However, a recent white paper by the Insurance Information Institute and JD Power note the need for SMBs to have this inexpensive coverage.